The packaging industry in India is expected to reach $43.7bn by 2016 in terms of sales turnover, according to the Indian Institute of Packaging (IIP).
IIP chairman SK Ray has said that the total turnover of the industry in the country is currently $27.6bn, while the global turnover stands at around $550bn.
According to Ray, the packaging industry has been growing annually at 12% in India, against the 5% global growth rate.
Starting from raw material manufacturers to machinery suppliers to ancillary material, there are about 22,000 packaging companies in India, of which nearly 85% are micro, small and medium enterprises (MSMEs).
The per capita consumption of packaging in India is said to be just 4.3kg per person annually, compared to 42kg in Germany and 20kg in China.
According to IIP, proactive initiatives are required for changing the large unpacked commodities into processed and packed commodities.
IIP director N C Saha, commenting on the industry, said: "There is a scope for innovation, entrepreneurship, as well as logistical advancements."
Set up in May 1966 by the Indian packaging and allied industry, Ministry of Commerce and the IIP will organise the fifth edition of the Indiapack 2013 exhibition in Mumbai from 28 to 31 January 2013.
The event is expected to provide a platform for the packaging and allied industries to feature newer packaging material development.